West African Resources Ltd. Stock Is Crashing Now. What To Expect?


The stock of West African Resources Ltd. (CVE:WAF) gapped down by $0.005 today and has $0.26 target or 12.00% below today’s $0.30 share price. The 6 months technical chart setup indicates high risk for the $148.45M company. The gap down was reported on Sep, 14 by Barchart.com. If the $0.26 price target is reached, the company will be worth $17.81 million less.
Gaps down are helpful for identifying a resistance level and to could also be used as a tradeable event. If traders are short the stock and it experiece gap down, then its usually advisable to hold the short for a bigger down move. Back-tests of such patterns show that two-thirds of the these patterns the stock performance worsens after the gap. The area gaps close 91% of the time, the breakaway gaps 1%, the continuation gaps 9% and the exhaustion gaps 64%. The stock decreased 4.84% or $0.015 on September 13, hitting $0.295. About 60,000 shares traded hands. West African Resources Ltd. (CVE:WAF) has risen 6.00% since August 15, 2016 and is uptrending. It has underperformed by 10.49% the S&P500.

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